President Obama's fiscal 2015 budget request would boost US tax revenues by nearly $1.4 trillion over 10 years if fully enacted, the CBO said.» Read More
The global economy will struggle more than people now think, as the credit crunch spreads beyond housing and financials, Gerald Hassell, Bank of New York Mellon president, told "Squawk Box Europe" Friday.
Before getting into the nuances of the statement, it’s important to not lose sight of the overall action: for the first time since the Fed began cutting rates in September — by 3.25 percentage points in total — the Fed stood pat today. That is probably a clearer indication of what the Fed will do next than anything the Fed said.
The Federal Reserve will hold its key interest rate at 2 percent for the remainder of the year as the economy winds through the various challenges it faces, according to bond manager Bill Gross.
New orders for long-lasting U.S. manufactured goods were unchanged in May after two consecutive months of decline.
The Federal Reserve finds itself in an uncomfortable situation: Staring down the barrel of inflation with limited options on what it can do.
Unemployment, which has been relatively benign during the economic downturn, is expected to become a bigger problem.
Oil companies are fixing the price of oil and should suffer penalties, according to developer Donald Trump.
Companies and their employees are searching for new ways to deal with soaring gasoline prices that have risen to heights unimaginable only a few months ago.
A gauge of manufacturing in New York state contracted in June for the fourth time in five months, the New York Federal Reserve said in a report on Monday that also painted a mixed picture on inflation.
Americans could be celebrating the Fourth of July with $5-a-gallon gas, and the effects will ring out from sea to shining sea.
Soaring gasoline and energy prices helped drive up U.S. consumer prices during May by the fastest rate since November, a government report showed.
With Fed Chairman Ben Bernanke sounding alarms about inflation, the consumer price index is expected to have risen by 0.5 percent in May.
The inflation outlook for 2008 in the U.S., Japan, euro zone and the UK rose again in June, triggering big revisions to economists' interest rate forecasts, Reuters polls showed on Thursday.
The standard of living has decreased for many Americans, a trend that will reverse only after the troubles in the housing market work through, Pimco Managing Director Paul McCulley said on CNBC.
World stocks hit their lowest in almost two months, major government bonds tumbled and the dollar jumped after the Fed chief fired another warning on inflation.
Rising food and energy costs are still trickling through the economy, complicating the outlook for inflation, Boston Federal Reserve President Eric Rosengren said on Tuesday.
The worst of the credit crunch is over, but the Federal Reserve is likely to keep interest rates on hold for a long time despite a surge in oil prices, as the U.S. economy still has to prove it is stabilizing, money manager Bob Doll said on Tuesday.
Federal Reserve Chairman Ben Bernanke Monday sounded a warning over soaring energy costs and said the central bank would "strongly resist" any tendency for an inflationary psychology to take hold.
Treasury Secretary Henry Paulson declined to rule out intervening in currency markets to stabilize the dollar, but said strong economic fundamentals would "shine through."
President Bush said Monday a strong dollar was in the interest of the United States and the global economy, and that energy prices were high.